How do you improve yor credit rating?

roadrash

Hmm interesting!!

http://news.bbc.co.uk/1/hi/business/3838877.stm

nh

Someone is talking about this on the credit card board as well. I think it is a con to try to get people to sign up to their £49.99 service and then charge them more! Cheek!

System

I have just checked my credit score which is assessed as being 821/1000 from experian. This is classed as being Fair.

From reviewing my records i have some stupidly large amounts of credit available to me....Next £3600, Egg £8000 and Barclaycard £3500.

Would it assist my credit score in lowering these limits or even killing of my Next and say Barclaycard accounts?
Do i have to ask for them to record the request say for a lower limit of credit?

Any views or comments appreciated.....

PinkLipstickBabe

Hiya hon,

In answer to your question, I doubt it! I have 9 different credit cards (all of which are empty) with the highest credit limit on one (AOL Platinum) being £13,500 and the others (all platinum) being average credit limit of £5,000. So, as you can see, I have a huge amount of credit available to me yet my 'credit score' is 987/1000 which is one of the highest you can get. I have used credit for many years, borrowed, always paid on time and never missed a payment etc. Your 'credit score' is mainly based on your payment history and other minor factors (postcode of where you live, age etc) so I doubt very much if closing any of your 'empty' credit cards will make a difference to this. One thing that would make a difference is :

• Using your cards regularly and paying off the balance in full each month.
  • A change of postcode
    • Being older and wiser :P
      See what I am saying?
      Your credit rating is pretty good by the looks of things, that's quite a good score. Why worry?
      Have a nice day!

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beastoid_2

I posted this on the other site but there are so many views i'm not sure it will be seen way down the list, sorry.

I got a credit score of 352 which is better than i expected as i have had a lot of money troubles in the past, i am now debt free i am happy to say and have been for the last three years ( sound like a recovering alcoholic or debtoholic).

I would just like to know how i can improve my credit score quicker to take advantage of all the offers available on the site, i dread changing phone companies mobile or home, applying for credit cards or change utility suppliers in case i get knocked back and it affects my credit score.

I had to take out a mortgage with gmac 3 years ago to pay off all my debts that i had accumulated but they hammered me and i currently pay £470 a month on a £55,000 loan which seems to be a lot but i am tied into it until september unless i choose to pay £2500 early redemption penalties.

Any advice would be much appreciated,

Thank you

jimmysavillelld

If You Already Have A Credit Card For Example Put Your Shopping Or Petrol On It Every Month And As Soon As You Get Your Wages Pay It Off, The Whole Balance.
This Sjhows That You Have The Ability To Pay Back On A Regular Basis Money You Borrow Thus Making You Less Of A Risk For Borrowing. In Roughly A Year By Doing This My Credit Card Limit Went From £200 T0 £7900 Which I Never Use More Than 2 Or £300 Of And I Took Out A £5k Loan. It Worked For Me, Hope This Helps You Mate

deemy2004

Credit card companies look at peoples ability to manage their debt, meet monthly repayments etc.

Thus you need to have active credit agreements, where you meet the monthly repayments. Hence its going to take time to build up your credit history from 350 so no quick fixes.

krazyk

I know what you mean by no quick fix, my rating was 392 over 6 months ago, it's now gone up to 411 (i.e. "Good") but I think I'll still be refused a loan or credit cards.

But what about a mortgage, is this score too low to get a mortgage?

K

Ares_2

Hi all, is there anyway you can find out what your credit rating is, or do have to wait till you are turned down..

seaniboy

Ares wrote:

Hi all, is there anyway you can find out what your credit rating is, or do have to wait till you are turned down..

equifax.co.uk credit rating or a full credit report avalible online

Ares_2

seaniboy, thanks for that...........